All posts tagged Dubai World

Government-owned Dubai World may resort to a familiar, but rarely used, legal mechanism set up at the height of the emirate’s financial crisis to obtain the backing from creditors to postpone a crucial debt repayment deadline. Read More »

State-owned conglomerate Dubai World told an all-lenders meeting this week it’s comfortable repaying the first chunk under its $25 billion restructuring plan next year, but failed to allay creditors’ concerns about the much larger debt repayment due in 2018, according to several people who attended the meeting. Read More »

Dubai district cooling firm Empower bought local rival Palm Utilities from Dubai World’s investment arm for $500 million, the latest asset sale by the government conglomerate one year before the first repayment under its $25 billion restructuring is due.

The deal, which Empower will fund from its own reserves as well as equity and debt financing, will create the world’s largest district cooling company. District cooling is a process whereby water is chilled at a plant and then channeled through a network of pipes to large-scale developments such as skyscrapers. It is considered a more energy-efficient and less noisy alternative to the rooftop air-conditioning systems commonly found in the Middle East. Read More »